Peter Beutel
Peter Beutel
gulf hit hurricane last market needs rita storm tropical western
This is all about Tropical Storm Rita ... obviously, the last thing that this market needs is for a hurricane to hit the western gulf where it didn't hit last time.
attention close dying later living market paying people point report revisit rita turn twist until weather
People are not paying very close attention to it, ... At this point this market is just living and dying with every twist and turn of weather report -- we'll probably revisit it later but it's not important until we get Rita out of our systems.
market risk situation
The market has effectively discounted most of the risk of the situation already.
afternoon anyone exactly friday goes gulf katrina likelihood looks market people point short talking
At this point it looks like $70 is squarely in the market's sights, and people are talking about it as a done deal, ... The likelihood is that if Katrina goes into the Gulf and we don't know exactly where it will make landfall, anyone short in this market Friday afternoon will panic.
market prices
The market is so jittery. If anything comes out of this that is in any way escalating the situation, I think prices will go higher.
barrels million production raise
They would have to raise production by more than a million barrels a day to get it down to $25,
dropping prices
I think that's going to keep (gasoline and oil) prices from dropping dramatically.
drop factors higher middle move nigerian number october production time
Still, the middle of October is the time for us to look at a top. A number of fundamentals that used to move higher are getting pretty stale. The drop in production from the U.S. Gulf, the Nigerian strike, a lot of these factors aren't getting any worse.
cents labor prices
By Labor Day weekend, prices will be up 20 cents to 50 cents a gallon,
potential seen tremendous
There's tremendous potential for spikes we've never seen before.
nervous
It's a combination of petro-political fears. It's such a nervous market.
rendezvous seems
It seems like we're going to have to rendezvous with the $50 level.
problems seems supply
One of the big problems is that it seems there's no supply to see us through the end of the year.
demand fall moves seat supply
If demand is not going to fall and keep on falling, then supply moves back into the driver's seat in this market.